Bancolombia will begin offering cryptocurrency trading.

December 7, 2021 - Around 2 mins mins to read

Colombia’s largest bank, Bancolombia, will provide cryptocurrency trading to customers as part of a pilot program within a regulatory framework developed by the country’s financial authority, the Superintendencia Financiera de Colombia (SFC). The Colombian bank’s customers will be able to exchange bitcoin, ether, litecoin, and bitcoin cash.

Bancolombia will begin offering cryptocurrency trading. — *Source: Forbes Colombia*

Bancolombia, Colombia’s largest bank by total assets, is partnering with cryptocurrency exchange Gemini, a New York trust firm and custodian registered by the New York State Department of Financial Services, to enable cryptocurrency trading to consumers.

Cynthia Del Pozo Garcia, the exchange’s principal of strategy and corporate growth, said on Monday that, beginning December 14:

Gemini and Bancolombia will launch a partnership to provide an initial cohort of customers of the Colombian bank a seamless on- and off-ramp to trade bitcoin, ether, litecoin, and bitcoin cash through the Gemini exchange.

According to Gemini, the relationship with Bancolombia “also serves as an essential step toward the strategic growth” of its footprint in Latin America.

The following exchange was added:

Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), and will offer users seamless and secure access to crypto.

The Superintendencia Financiera de Colombia stated in January that nine cryptocurrency ventures will be permitted to test their products under the La Arenera regulatory sandbox.

Other collaborations in the sandbox include Banco de Bogotá and Bitso, Banco de Bogotá and Buda, Coltefinanciera and Obsidiam, Davivienda and Binance, Powwi and Binance, Coink and Banexcoin, Movii and Panda, and Movii and Bitpoint.

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